While a thousand times better than the present scam, you still have government mandating retirement savings, so you wouldn’t have completely erased the stain shit out by FDR [spit]. The government’s involvement will distort the results, probably diminish returns, and interfere with peoples fundamental freedom of choice. Maybe the next phase after that could be to phase out even that.
Unfortunately we have a large number of people who have no savings for retirement because of their own stupidity and/or laziness. Thus we need to aim at the lowest common denominator.
The intention though of the plan outlined would be to mandate a minimum level of savings, each one receiving based on what they put in. At least if that occurred then public funds would not be used to bolster the ignorant.